Nick Churton from the Halstead, London office, loves the village of Sag Harbor, New York and discovers a fabulous waterside condo with a lower-cost way of ownership.
The Property: 68 West Water Street, Sag Harbor, New York
The Broker: Halstead
Let’s face it; The Hamptons is not the cheapest place on earth in which to live. It is a highly popular A-list destination with buyers – not just from within the US but also internationally. The property prices are, accordingly, above-the-norm, so too are the property taxes and, in the case of condominiums, the monthly management costs.
So, what makes this two-floor condominium with balcony and water views in highly popular, Sag Harbour, such a great buy? Well, apart from the space, layout, facilities, convenience and the outlook, it is the rental income. Based on the last few years’ figures, vacation rental return from June, July and August, alone, would pay for the annual taxes and management costs. Imagine that, cost-neutral living in the Hamptons! Not only that, but you may even make enough extra to pay for an extended European vacation yourself while your tenants are in residence.
Looked at like that, it’s a no-brainer. So check out this duplex with nautical style interior. It’s only a short walk from Main Street and all the great Sag Harbour restaurants. While you’re there, try the delicious bar snacks at the American Hotel – they do these great little fried cheese and bacon sandwiches. At the rate of the condo’s rental return, they will probably be cost-neutral too.